Climate Change and the Economy
Richmond Fed senior economist Toan Phan has spent the past decade exploring the economics of climate change. His research in this area began as he was finishing graduate school in 2012, when he was struck by the potential economic implications of climate-related disasters like flooding and hurricanes. So, along with colleagues Riccardo Colacito of the University of North Carolina and Bridget Hoffmann of the Inter-American Development Bank, he began a project to understand the relationship between increasing temperatures and economic growth. The resulting article, "Temperature and Growth: A ...
Intermediation and Bank Liquidity: A Conference Recap
How might a central bank digital currency alter banking system operations? What is the effect of credit easing on the dynamics of bank runs? Does increased competition among banks mean a more fragile banking system, and what can be done about it? These were among the research questions addressed by economists during a recent Richmond Fed research conference.
The Post-9/11 GI Bill
In 2008, Congress passed and President George W. Bush signed the largest expansion of federal education aid to veterans since the original GI Bill at the end of World War II. Under the Post-9/11 Veterans' Educational Assistance Act of 2008, commonly known as the Post-9/11 GI Bill, service members who served at least 90 days on active duty after Sept. 10, 2001, or their dependents, are entitled to up to 36 months of educational assistance to pursue higher education. Depending on the program, they can receive education or job training tuition, books, and fees, as well as a monthly housing ...
Paid to Relocate
Maggie Blume first learned about Ascend West Virginia on Instagram, where she saw a list of cities and states around the country promising money and other benefits to attract workers. A small business marketing executive from Chicago and a remote worker herself, Blume had already been considering applying for some of the other programs on the list. She says, however, "I really was waiting for something that caught my eye." Drawn by the outdoors and her fond memories of visiting West Virginia as a child, Blume applied for Ascend's second cohort, which would be centered in rural Lewisburg ...
Economic History: The Economic History of the Shopping Mall — and Its Future (Yes, It Does Have One)
Most Americans probably have an impression or feeling when they think of the mall, whether they spent much time there or not. For some, that sensation may be formed by time spent slurping an Orange Julius, listening to CDs at Sam Goody, or inhaling the fragrances spilling out of Bath & Body Works. Others' impressions may have come from the ubiquity of malls in popular culture, from Joan Didion's 1975 essay "On the Mall," to movies like Mallrats or George Romero's Dawn of the Dead, to, most recently, Starcourt Mall in the television series Stranger Things.
Global Banks, Local Branches, and Faraway Crises
In an article recently published in the Journal of International Economics, Horacio Sapriza of the Richmond Fed and Ricardo Correa and Andrei Zlate of the Fed Board of Governors suggested an alternative pathway for the spread of financial shocks. In particular, they used the case of the 2011 European debt crisis to show that local branches of global banks can also amplify shocks through pathways distinct from any effects stemming from their parent banks' capitalization levels.
The Post-9/11 GI Bill
Fewer veterans are using their education benefits. Is this trend a problem — or a sign of a more welcoming job market?
At the Richmond Fed: CORE Week
In February 2021, Richmond Fed Research Director Kartik Athreya and his colleagues began to think about how to increase the visibility of the Fed’s economic research and how they might better attract and retain top, diverse talent. At the same time, the shift to remote work brought on by COVID-19 led Athreya and several senior colleagues also to consider how to make the most of this new work environment. They asked the research department’s economists to identify what elements of their work could be done remotely and what required everyone to be together in person.
Race and Economic Outcomes: A Conference Recap
How does monetary policy affect racial inequality and minority unemployment? What explains the difference in marriage rates between Black and White Americans? How do racial preferences in college admissions affect who gets in? Do historical discriminatory institutions have effects on current socioeconomic outcomes? These were among the questions addressed by economists during a recent Richmond Fed research conference.
At the Richmond Fed: The CFO Survey
Every quarter, The CFO Survey collects the views of chief financial officers and other financial leaders throughout the United States, gathering insight into their firms' financial outlook and concerns, as well as their perceptions of the economy. The survey, which is a collaboration among the Richmond Fed, the Atlanta Fed, and the Fuqua School of Business at Duke University, meets a crucial need for policymakers who rely on real-time data from businesses of all sizes when making decisions, especially during volatile times. "In this period of uncertainty, a business survey like this has been ...